In other words , open banking and the ability to make financial data available to third parties will be of benefit to customers , but many incumbents are not taking advantage of this and will need to adjust their focus and embrace new ways of operating . Here are four tips to help banks chart the right journey .

— Rob Parker-Cole , Digital Engagement Lead , Apigee

The open banking regulations introduced in January 2018 require financial institutions to grant third party providers ( TPPs ) access via APIs to data and functionality if requested by the customer . However , using APIs for compliance is mere table stakes – an organisation cannot distinguish itself in the market by taking a compliance approach .

Instead , businesses should manage their APIs like a product , designed to be intuitive and easy for developers to consume , supported by documentation and sample code , and improved based on user feedback . There can be an immense gap between satisfying a regulation and actually seizing the opportunity to offer better services to customers .

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